Chinese leaders believe new ideas are critical to the country’s future success, especially in science and technology.
The importance of innovation for China's economic futurePresident Xi Jinping wants young people to become pioneers of innovation and entrepreneurship, saying it's crucial to shift the country's economic model from consumption to production.
At innovation hub Zhongguancun Science Park, entrepreneurs and investors work together to develop new technologies not just for release in China but the world. Centers like this have helped make China the world’s leader in patent applications — accepting more than any other country.
For every $100 billion worth of GDP, the country said it issues more than 4,600 patents. The U.S., on the other hand, issues fewer than 2,000.
“Although China is a big country in terms of patent application, it is not yet a powerful one in terms of their growth effectiveness,” Shen Changyu, head of China’s State Intellectual Property Office, said. “We still have many problems. For example, we have many patent applications, but not all of them are very strong and outstanding.”
President Xi Jinping wants young people to become pioneers of innovation and entrepreneurship. He, and other Chinese leaders, say that’s crucial to shifting the country’s economic model from one based on consumption to one of production.
Sung Won Sohn on China’s innovation
To find out what it will take to make China a nation of innovation, CCTV America’s Mike Walter was joined by Sung Won Sohn, the Smith Professor of Economics at California State University, Channel Islands.